The voting process will end on Sunday and the outcome would be declared on May 20.

The financial creditors would vote for the second time on the resolution plan for Jaypee Infratech.

New Delhi: Homebuyers and lenders of debt-laden Jaypee Infratech on Thursday started voting on state-owned NBCC's bid to acquire Jaypee group's realty firm and complete the construction of over 20,000 flats.

The voting process will end on Sunday and the outcome would be declared on May 20.

The financial creditors would vote for the second time on the resolution plan for Jaypee Infratech, a subsidiary of Jaiprakash Associates Ltd (JAL). On May 3, the financial creditors rejected Mumbai-based Suraksha Realty's bid through voting process.

As many as 13 banks represent 40.71 per cent voting rights in the Committee of Creditors (CoC) while over 23,000 homebuyers have around 59 per cent vote.

Majority of homebuyers are likely to vote in favour of the NBCC's bid but many also fear that lenders may reject it as they do not want to take up to 60 per cent hair-cut against their claim of Rs 9,782 crore, sources had said.

Earlier this week, the CoC decided to put on vote the revised offer of NBCC, with homebuyers favouring the voting process while bankers dissenting.

Bankers had opposed putting the NBCC's bid to vote and pitched for further negotiations. Banks even made a plea before the National Company Law Appellate Tribunal (NCLAT) for a stay on the voting process, but did not get relief.

In its revised offer, NBCC has proposed infusion of Rs 200 crore equity capital, transfer of 950 acres of land worth Rs 5,000 crore as well as Yamuna Expressway to banks and completion of flats construction by July 2023 in order to settle an outstanding claim of Rs 23,723 crore of financial creditors.

The bankers' opposition came against the backdrop of NBCC Monday ruling out dilution of certain conditions, including exemption from tax liability, in its revised offer.

Bankers even proposed taking control of Jaypee Infratech and roping in NBCC as Project Management Consultant (PMC) to complete delayed flats, sources had said.

However, Kuldeep Verma, who represents homebuyers in the CoC, wanted NBCC's offer to be put to vote without any delay.

Verma's views prevailed as homebuyers have nearly 60 per cent voting rights in the CoC, sources had said.

A minimum 66 per cent vote of financial creditors (bankers and homebuyers) is required for the approval of any resolution plan.

Last week, lenders had written to NBCC seeking clarifications on certain relief and concessions put forward by the public sector firm in its resolution plan.

However, NBCC decided not to dilute the conditions of exemption from income tax liability as well as from taking consent of development authorities for transfer of businesses.

Clarifications from the NBCC were sought in the wake of the Interim Resolution Professional (IRP) flagging to the lenders that NBCC's bid was conditional and non-binding.

Jaypee Infratech's IRP Anuj Jain had written to the CoC that NBCC's revised bid was conditional as the plan would not be binding unless key relief measures such as extinguishing of income tax liability and exemption from seeking consent of YEIDA (Yamuna Expressway Industrial Development Authority) for any business transfer.

The court-mandated deadline for completing the resolution plan for Japyee Infratech ended on May 6, and the CoC has sought an extension of the deadline. The matter is listed on May 21, with the Allahabad bench of National Company Law Tribunal (NCLT).

Meanwhile, Adani Group has shown interest to bid for Jaypee Infratech but creditors have not sought resolution plan from Adani so far. Jaypee Group's promoters too have put in a bid, under Section 12A of Insolvency and Bankruptcy Code, to retain control of the company.

Jaypee Infratech went into insolvency in 2017 after the NCLT admitted the application by an IDBI Bank-led consortium seeking resolution of the firm.

During the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. In October 2018, the IRP started a fresh initiative to revive Jaypee Infratech on the NCLT direction.

JAL had submitted Rs 750 crore in the registry of the Supreme Court for the refund to buyers and the amount is lying with the NCLT.